Mergers and marginal costs: New evidence on hospital buyer power
利用2009-2015年美国医院医疗用品交易数据，发现并购后目标医院节省了1.9%的成本，但收购方无显著节省，且节省可能被管理成本抵消。
Abstract We estimate the effects of hospital mergers, using detailed data containing medical supply transactions (representing 23% of operating costs) from a sample of US hospitals, 2009–2015. Pre‐merger price variation across hospitals (Gini coefficient 7%) suggests significant opportunities for cost decreases. However, we observe limited evidence of actual savings. In this retrospective study, targets realized 1.9% savings; acquirers realized no significant savings. Examining treatment effect heterogeneity to shed light on theories of “buyer power,” we find that savings, when they occur, tend to be local, and potential benefits of savings may be offset by managerial costs of merging.